[SINGAPORE] Deluge Corporation’s initial public offering (IPO) was 3.86 times subscribed, ahead of the fire-protection specialist’s debut on the Singapore Exchange (SGX) mainboard on Friday (Oct 16).
The offering comprised 15.6 million shares at S$0.60 apiece, of which 14.8 million were allocated to the placement tranche and 800,000 to the public offer, Deluge said on Thursday (Oct 15).
The public offer was 11.97 times subscribed, with 327 valid applications for 9.53 million shares. Application monies amounted to about S$5.74 million.
The placement tranche was 3.42 times subscribed, attracting indications of interest for 50.63 million shares, worth about S$30.4 million.
Investors included Lion Global Investors and UOB Asset Management, the company said.
Separately, cornerstone investors subscribed for 23.4 million new shares at the offer price, amounting to about S$14.0 million. They included Amova Asset Management Asia, Avanda Investment Management, HB Equity Partners and Whitefield Capital Management, as well as several individual investors.
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The gross proceeds from the offering and cornerstone tranche are about S$23.4 million. After deducting listing expenses of S$3.27 million, net proceeds are expected to be about S$20.1 million.
Deluge plans to use the proceeds to invest in infrastructure, facilities and operational capabilities, pursue strategic partnerships through installations and lifecycle services, and strengthen its integrated fire-detection platform.
The company will also focus on adding complementary capabilities through strategic partnerships and acquisitions, said executive director and group chief executive Lee Wai Wah.
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“Beyond Singapore, we will selectively pursue regional expansion opportunities, with Malaysia as our initial focus,” he added.
Deluge had an order book of about S$433.0 million as at Sep 16.
Based on the offer price and its post-offering share capital of 145 million shares, the company will have a market capitalisation of about S$87 million upon listing.
Its shares begin trading on the SGX mainboard at 9 am on Friday under the stock code 9DC.